OPEC: Markets are well supplied

OPEC, EU review global oil market concerns.
By Daniel J. Graeber Follow @dan_graeber Contact the Author   |  June 24, 2014 at 10:10 AM
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BRUSSELS, June 24 (UPI) -- The global oil market is well supplied and there's sufficient output from OPEC members despite regional tensions, the organization said Tuesday.

Representatives from the Organization of Petroleum Exporting Countries and the European Union met Tuesday in Brussels for a regular ministerial meeting to review challenges facing producing and consuming countries alike.

OPEC said there were signs the global economy was improving despite some challenges on the margins. The oil market is well supplied even though there have been some supply disruptions.

"In this regard, there is sufficient oil production from OPEC member countries and steady growth in non-OPEC supply, particularly from North America," an OPEC statement said.

Libya, a once-major North African oil producer, has struggled to maintain production at its pre-war level of around 1.4 million barrels of oil per day. A Sunni-led insurgency in Iraq, meanwhile, is threatening the country's oil sector.

OPEC said its counterparts in the EU expressed support for the cartel's "key role" in keeping oil markets stable. Tensions in the Middle East, as well as Eastern Europe, confirmed the "value of further strengthening cooperation between the EU and OPEC on energy and oil matters," OPEC said.

There was no corresponding statement on the dialogue from the EU.

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